Retention Strategy and Customer Loyalty
No Thumbnail Available
Date
2023-06
Journal Title
Journal ISSN
Volume Title
Publisher
Department Of Public Administration, Faculty of Management Science, University Of Ilorin, Ilorin
Abstract
This study examined the effect of retention strategies on customer satisfaction as evidenced by the selected 2 generation banks within the Ilorin metropolis. Two research objectives were raised to guide the conduct of this study; (i) identify how the retention strategy (customer relationship management) adopted by the selected 2nd generation banks enhances customer satisfaction, and (ii) investigate the effect of the retention strategy (service quality delivery) on customer satisfaction of the selected 2nd generation banks. The study utilized a descriptive research design and collected data through a cross-sectional survey method. Three hundred and seventy-nine (379) validated questionnaires were distributed to the respondents, but only three hundred and sixty-three (363) were found usable, sorted, edited, and coded for the analysis. Findings revealed that customer relationship management and service quality delivery have a significant effect on customer loyalty with R ^ 2 = 85.6 and 83.2 respectively. The study recommended that businesses should treat customer loyalty as a priority and
Description
Keywords
customer relationship management, quality service delivery, satisfaction